DENVER, CO / ACCESSWIRE / April 2, 2020 / Leafbuyer Technologies, Inc. ("Leafbuyer" or "the Company") (OTCQB:LBUY), a leading cannabis technology platform, prepared a statement regarding the impact of the COVID-19 pandemic on the cannabis industry. Leafbuyer employees interviewed clients, assembled internal platform analytics, and presented findings to the executive team.
Kurt Rossner, CEO of Leafbuyer, stated, "Many cannabis businesses of every variety are being affected by the COVID-19 outbreak. Dispensaries have experienced a surge over the past two weeks as consumers and patients rush to stock up. We've seen this on Leafbuyer.com in ordering activity and in the popularity of bulk deals. Edibles are outperforming other categories in popularity, likely due to a lack of smoke or vapor that may affect the lungs.
Our dispensary clients are increasing use of the Leafbuyer Order Ahead and Delivery services as they continue to operate while practicing social distancing. When possible, dispensaries in some municipalities are utilizing drive-through and curbside delivery options. We predict that these shifts in the way local retailers transact with consumers will become the status quo. While we hope that these isolation measures will end within a few weeks, some experts predict that the crisis will last many months.
We are encouraged to see that states with legal cannabis are overwhelmingly declaring dispensaries to be essential businesses, guaranteeing consumer and patient availability. Our business model is perfectly aligned with the new social distancing measures as our dispensary customers will still need our online ordering, delivery, and communication solutions. These tools will help them through these unprecedented times.
Legal states are incentivized to keep dispensaries open as the tax revenue from cannabis sales helps soften the economic impact to state budgets. States that have not legalized medical or recreational cannabis could be looking to legalize much more quickly to help cover the impact of COVID-19 on state revenue shortfalls.
Our CBD clients, especially those with e-commerce websites, have also seen increased orders in recent weeks. Brands with products that directly target anxiety and stress are seeing the greatest increase. As discretionary spending decreases in the coming weeks, we believe our deals-oriented website will prove to be a valuable advertising solution for these businesses.
Leafbuyer is prepared and has the systems in place to outlast the outbreak no matter how long it takes," continued Rossner. "Our organization is committed to provide the best customer service and technology platforms to help our customers survive this challenge. Once the crisis ends, we believe that mature companies like ours will benefit from reduced competition."
About Leafbuyer Technologies, Inc.
Leafbuyer Technologies is one of the most comprehensive technology and communication software providers for the cannabis industry. Leafbuyer.com is an all-inclusive online resource for cannabis deals and information. Leafbuyer works alongside businesses to showcase their unique products and build a network of loyal patrons. Leafbuyer's national network of cannabis deals and information reaches millions of consumers every month. Leafbuyer is the official cannabis deals platform of Dope Media, Sensi Magazine, and Voice Media Group.
Learn more at Leafbuyer.com
CONTACT:
Leafbuyer Technologies, Inc.
Andre Leonard, +720-432-5593
aleonard@leafbuyer.com
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This press release may contain forward-looking statements which are based on current expectations, forecasts, and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the amount and timing of expected revenues and any payment of dividends on our common and preferred stock, statements related to our financial performance, expected income, distributions, and future growth for upcoming quarterly and annual periods. These risks and uncertainties are further defined in filings and reports by the Company with the U.S. Securities and Exchange Commission (SEC). Actual results and the timing of certain events could differ materially from those projected in the forward-looking statements due to several factors detailed from time to time in our filings with the Securities and Exchange Commission. Reference is hereby made to cautionary statements set forth in the Company's most recent SEC filings.
SOURCE: Leafbuyer Technologies, Inc.
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